NRG Energy’s merger with GenOn approved by stockholders09. November 2012 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
The majority of stockholders from both NRG Energy, Inc. and GenOn Energy, Inc. have approved the merger of the two companies. The final transaction is scheduled for closure in Q1 2013.
On July 24, NRG and GenOn signed a definitive agreement to combine their activities in a stock‐for‐stock tax‐free transaction. The merger has now been given the go ahead by the majority of both companies’ stockholders.
"Today’s overwhelming shareholder vote in favor of the NRG/GenOn combination reflects the reality that this transaction is a clear win-win for everyone who owns a stake in either company," said David Crane, president and CEO of NRG.
"We look forward to the prompt receipt of the remaining approvals so that the stakeholders of the combined company can begin realizing the substantial cost savings and efficiency benefits associated with the merger," said Edward R. Muller, chairman and CEO of GenOn.
The merger was sanctioned by the Public Utility Commission of Texas (PUCT) in October, and the Nuclear Regulatory Commission has determined that its approval of transaction is not required. Before the transaction can be completed, however, regulatory approvals by the Federal Energy Regulatory Commission and the New York Public Service Commission.
If received, and the merger goes ahead, the new company, NRG Energy, will reportedly be the biggest energy generator in the U.S. with a portfolio of around 47 GW.
NRG's subsidiary NRG Solar LLC is said to have a photovoltaic project portfolio worth two GW. It includes such large-scale projects as the 290 MW Agua Caliente plant in Arizona, and the 66 MW Alpine plant, the 45 MW Avenal plant and the 250 MW California Valley Solar Ranch, all in California.
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